Depot Square Condominiums
AFFORDABILITY ANALYSIS
(For Illustration Purposes Only)
|
| Home Price |
$138,000.00 |
$138,000.00 |
$138,000.00 |
| Interest Rate |
6.32% |
6.32% |
6.32% |
| |
| Down Payment (%) |
5.00% |
10.00% |
20.00% |
| |
| Down Payment ($) |
$6,900.00 |
$13,800.00 |
$27,600.00 |
| |
| Mortgage Amount |
$131,100.00 |
$124,200.00 |
$110,400.00 |
| |
| Monthly Expenses |
|
Principal & Interest |
$813.18 |
$770.38 |
$684.79 |
Real Estate Taxes |
$119.60 |
$119.60 |
$119.60 |
Private Mortgage Insurance* |
$84.67 |
$80.21 |
n/a |
| Estimated Association Fee |
$140.00 |
$140.00 |
$140.00 |
| |
| TOTAL Monthly Expenses |
$1,157.45 |
$1,110.20 |
$944.39 |
| |
NOTES:
ALL values are estimates and are subject to change.
Beverly Residential Tax Rate = $10.40 per thousand.
* A 20% Down Payment will eliminate Private Mortgage Insurance
Pricing based upon 30% Housing Ratio, a 6.32% interest rate and traditional bank underwriting practices. |
|
